Thailand Digital Asset

Activities

The Thailand Digital Asset License, issued by the Securities and Exchange Commission of Thailand (SEC), regulates the operations of companies involved in digital asset businesses. Entities holding this license can engage in the following activities:

Digital Asset Exchange
Operate an exchange platform for trading digital assets and digital tokens, allowing users to buy, sell, and trade digital assets securely.

Digital Wallet Services
Provide secure storage solutions for digital assets, such as offering cryptocurrency wallets to hold, transfer, and manage assets.

Initial Coin Offerings (ICOs)
Manage or support token offerings, where companies can raise capital by issuing digital tokens to investors, under SEC oversight.

Brokerage Services
Act as intermediaries in the buying and selling of digital assets on behalf of clients.

Digital Asset Advisory Services
Offer consultancy and advisory services on digital asset investment strategies.

Custody Services
Provide secure custody and safekeeping of digital assets on behalf of investors, ensuring the protection of client assets.

Requirements

To obtain a Digital Asset License in Thailand, companies must comply with a set of stringent requirements laid out by the SEC:

Capital Requirements
Digital asset operators must meet minimum capital requirements to ensure financial stability. The amount of capital depends on the type of services offered (e.g., exchange, brokerage, or advisory).

Fit and Proper Test
Directors and key executives must meet the SEC’s “fit and proper” criteria, which assess their experience, integrity, and capacity to manage digital asset services.

Compliance with AML/KYC Regulations
Companies must implement Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures to prevent illegal activities such as money laundering and terrorism financing.

Cybersecurity
Strong cybersecurity measures are required to protect client funds and data. This includes secure storage, encryption, and protection against hacking or cyber threats.

Physical Office in Thailand
Digital asset businesses must maintain a physical office in Thailand to comply with regulatory oversight.

Risk Management Systems
Companies must establish and demonstrate strong risk management practices to protect client assets and ensure the safety of transactions.

Ongoing Reporting and Audits
Licensed companies must submit regular financial reports, audits, and updates to the SEC, ensuring that their operations are transparent and compliant with the law.

Consumer Protection Measures
Digital asset operators must have mechanisms in place to protect investors, including clear communication of risks associated with digital assets and dispute resolution frameworks.

Insurance and Asset Safeguarding
Certain activities, such as providing custody services, may require digital asset firms to maintain insurance or secure client assets in a trust account.

Regulatory Approval
Any new offerings, such as token issuances or new digital asset products, must receive approval from the SEC to ensure they meet regulatory standards.

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